The sale of the Weyburn Inland Terminal to Winnipeg-based grain company Parrish & Heimbecker Ltd. could be complete before the middle of March.
Officials with WIT announced last week that shareholders have approved a plan to sell all outstanding shares in the company to P & H for $17.25 per share.
The sale was approved by nearly 80 percent of the shareholders who cast a vote in person or by proxy at a special meeting held Feb. 28 in Weyburn, Sask., according to a news release issued by WIT last week.
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WIT must now submit an application to the Court of Queen’s Bench of Saskatchewan seeking final approval for the proposed sale.
That application was scheduled to be submitted on March 5.
Pending court approval and the satisfaction of other conditions, the deal could be closed before March 15.
WIT has approximately 1,500 shareholders who own 5.5 million outstanding common shares.
At $17.25 per share, the sale of the company is valued at roughly $95 million.
WIT’s assets include a 105,000 tonne concrete grain terminal at Weyburn, fertilizer and farm input retail operations and a specialty crop processing and marketing firm near Sedley, Sask.
WIT also has a controlling interest in NorAmera BioEnergy Corp., an ethanol production facility in Weyburn.
